How does Bitcoin work?

Bitcoin is a new currency created in 2009, by people who compete to "mine" them using computers to solve complex math puzzles. People can send bitcoins to each other using mobile apps or their computers, and this transactions are made without middle men. It's similar to sending cash digitally. Bitcoins are stored in a digital wallet, which exists either in the cloud or on a user's computer. It is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.